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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Tuesday, February 8, 2022

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$197.00
CPE
ALL

This course will provide tax advisers and professionals with a thorough and practical guide to preparing Form 1040NR, U.S. Nonresident Alien Income Tax Return. The panel will offer useful guidance in determining which individuals should file, identifying and reporting income subject to U.S. income tax, identifying available deductions and limitations, claiming refunds, and discerning correct tax treatment of spouse and dependents.

Faculty

Marc J. Strohl
Principal
Protax Consulting Services, Inc

Mr. Strohl specializes in international U.S. individual income taxation issues as related to individual U.S. expatriates and nonresident aliens or foreign nationals, serving individual clients as well as the employees of employer-sponsored programs of multinational public, non-profit companies and professional firms. He is a member of the AICPA and NYSSCPA’s International Taxation Committee and Taxation of Individuals Committee, and a regular contributor to the NYSSCPA’s “The Trusted Professional” and blog publications. He is featured internationally including his Published main articles in the critically acclaimed Thomson Reuters’ twice-monthly newsletter publication Practical International Tax Strategies. His industry benchmark authoritative executive summary tax articles found at: https://www.protaxconsulting.com/article/ regarding U.S. Expatriate and Foreign National-Nonresident and/ or Resident Alien tax are world renown and standard issue at the big 4 to staff and clients.

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Brent Lipschultz
Partner
Eisner Advisory Group, LLC

Mr. Lipschultz has over 25 years of experience and is a leader in the firm’s International Wealth Planning Team. He focuses on domestic and international income, and estate and gift tax planning for global investors, corporate executives, athletes and entertainers, and closely held business owners. Additionally, he advises global companies on expatriate tax and payroll matters and provides services in the areas of compensation planning and charitable giving. He has represented clients before the IRS and state taxing authorities on complex tax matters, including offshore voluntary compliance cases.

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Description

Form 1040NR, U.S. Nonresident Alien Income Tax Return, presents several daunting challenges for tax advisers and compliance professionals. Just deciding whether a foreign person needs to file a Form 1040NR can be a minefield.

The adviser's determination of whether a person is a resident, nonresident, dual-status, or undocumented alien is critical in this evaluation. Immigration laws may impact the tax liability of certain nonresident aliens and individuals who are not citizens but reside in the United States.

Advisers must also know available elections, deductions, limitations, reporting income and claim refunds, treatment of spouse and dependents, and filing due dates and noncompliance penalties. As with other foreign-related filings, the IRS may impose penalties for failure to timely file Form 1040NR even if the taxpayer has no tax liability.

The Service redesigned Form 1040NR to incorporate recent tax legislation. The Form mirrors the format of Forms 1040 and 1040-SR. Tax practitioners no longer have the more straightforward Form 1040-NR-EZ, and the 1040NR now has its own Schedule A.

Listen as our experienced panel provides tax advisers and professionals with a thorough and practical guide to managing the unique challenges in preparing Form 1040NR, U.S. Nonresident Alien Income Tax Return.

Outline

  1. Defining a foreign investor
  2. Source-of-income rules
  3. Who files Form 1040NR?
    • Nonresident alien standard
    • Dual resident taxpayers
    • Dual status taxpayers
  4. Impact of current tax reform on nonresident filing requirements

Benefits

The panel will tackle issues such as:

  • What are the critical complexities and best practices for tax advisers in determining the classification and status of a taxpayer as a U.S. resident or nonresident alien?
  • What income items and deductions to always consider when preparing Form 1040NR
  • What is the difference between income effectively connected with a U.S. trade or business and FDAP, and how is this income reported and taxed on Form 1040NR?
  • What special elections apply to a U.S. nonresident alien?
  • What common mistakes can tax professionals anticipate and avoid when preparing Form 1040NR?

NASBA Details

Learning Objectives

Upon completing this webinar, you will be able to:

  • Determine the classification and status of a taxpayer as a U.S. resident or nonresident alien
  • Identify income items and deductions to consider when preparing Form 1040NR
  • Discern the difference between income effectively connected with a U.S. trade or business and FDAP
  • Recognize the impact of the tax reform law on filing Form 1040NR
  • Decide what specific elections are available to a U.S. nonresident alien

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing complex tax forms and schedule and/or supervising other preparer/accountants. Specific knowledge for the treatment of physical presence and tax residence tests, controlled foreign corporations and specified foreign corporations, familiarity with deferral benefits for U.S. shareholder of foreign business entities (prior to the new law) and cross-border income subject to taxation.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).